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CONTENTS.
CHAPTER I.
DEFINITIONS OF TERMS.
SECT.
1. Banking a Department of Economics
2. Definition of WEALTH or an ECONOMIC QUANTITY
3. Three species of Wealth or Economic Quantities
4. Six species of Exchanges-Banking includes two of these
5. Meaning of the word PROPERTY
6. Jurisprudence treats of RIGHTS, and Economics of the EXCHANGES
7. Property or Rights of two kinds, CORPOREAL and INCORPOREAL
8. Banking deals only with Money and Credit
10. Origin of the use of Money
11. Money of some material substance
12. Aristotle, Baudeau, Smith, Thornton, Bastiat, and Mill have
13. A metal is the best substance for Money
14. Money is the highest form of Credit-Definition of CREDIT
15. On CREDIT
16. Substitutes for Money in American Civil War
17. Money and Credit of the same nature
18. On SALE or CIRCULATION, BARTER, EXCHANGE
19. On CURRENCY and CIRCULATING MEDIUM
20. Meaning of the word CURRENCY
PAGE
1
7
9
10
11
The Value of Money varies INVERSELY as Price, and DIRECTLY as DISCOUNT
23. ON SECURITIES FOR MONEY and CONVERTIBLE SECURITIES
24. Definition of CAPITAL
28
29
25. Personal skill, abilities, and qualities are Capital
26. The Purchasing Power of Character is called CREDIT in popular
be exchanged.
3. The Value of any Quantity is any other Quantity for which it can
4. The Value of Incorporeal Property
37
38
1. Definition of BULLION and COINS
2. Meaning of the MINT PRICE and MARKET PRICE of Gold and
Silver
3. Bad Coin drives out good Coin from circulation
51
Mint Price of Gold £3 17s. 101d. per ounce
60
4. What is a POUND?
CHAPTER IV.
THE THEORY OF CREDIT.
1. The Theory of Credit developed by the Roman Lawyers
The Roman Law on Credit is now English Law
61
A Debt is not money owed by the Debtor, but the PERSONAL DUTY
to pay Money
65
ix
5. Second ambiguity in the Theory of Credit
Debt is used in English Law and common usage to mean the
Creditor's RIGHT of ACTION as well as the Debtor's DUTY to
The words CREDIT and DEBT used synonymously in English Law
6. Ambiguity in the meaning of LOAN : distinction between MUTUUM
and COMMODATUM.
7. Distinction between DEBT and BAILMENT: or between MUTUUM
and DEPOSITUM
Distinction between BANK NOTES, BILLS OF EXCHANGE, and other forms of CREDIT, and BILLS of LADING, DOCK WARRANTS, and other TITLES to specific goods
Debts are Goods and Chattels
8. Erroneous Ideas on the Nature of Credit
Mathematicians call Debts Negative Quantities
Erroneous Ideas of mathematicians on the nature of Credit or
Debt
9. Meaning of the POSITIVE and NEGATIVE SIGNS in ECONOMICS
10. Meaning of the symbols +, 0, and in Natural Philosophy
11. The signs + and applied to TIME.
-
12. If an event which has happened in Time past be called POSITIVE,
the same event if it is to happen in Time future is called
NEGATIVE
13. The Positive and Negative signs denote any kind of OPPOSITION
or INVERSENESS
87
88
14. Opposite or Inverse Operations are also denoted by the same
signs
15. The terms Positive and Negative also used by Jurists
16. Application of these Signs to Economics
17. Creation of OBLIGATIONS
An Obligation contains two opposite Quantities, the RIGHT TO
DEMAND and the DUTY TO PAY
If the Right to demand is Positive the Duty to pay is Negative
18. The Release of a Debt is always equivalent to a Payment in
Money
19. If Money is Positive Capital Credit is Negative Capital
96
20. Proportion of Credit to Money in Commerce
21. On the TRANSFER of CREDIT or DEBTS
22. On INSTRUMENTS of CREDIT
Two meanings of Instrument
23. On BILLS OF EXCHANGE and PROMISSORY NOTES
24. Banking Instruments of Credit .
25. On the LIMITS and EXTINCTION of CREDIT
SEOT.
26. Methods by which Credit or Debt is extinguished
27. On RELEASE or ACCEPTILATION
28. On PAYMENT in MONEY
29. On RENEWAL and TRANSFER, or NOVATION
30. On SET OFF, or COMPENSATION
6. Exaggerated ideas of the security of Real Bills
7. Distinction between Bills of Lading and Bills of Exchange
8. Methods of meeting Commercial Obligations
9. On Over-trading
10. Fluctuations of prices
11. Losses by Real Bills limited
12. Credit employed to form New Products
13. Inaccuracy of the expression Fictitious Capital
14. Credit performs the same functions as Money
15. On ACCOMMODATION BILLS
16. MERCANTILE CREDIT is MERCANTILE CAPITAL
CHAPTER VI.
THE THEORY OF BANKING.
1. Meaning of the word BANK
Banco is synonymous with MONTE or Joint Stock Fund
2. Bank has the same meaning in English
A BANKER is a Trader who buys Money, or Money and Debts, by
creating other Debts.
148
4. On the CURRENCY PRINCIPLE
Origin of the Banks of Venice, Amsterdam, &c.
xi
8. Private bankers in London discontinue issuing Notes about 1793. 154
9. Misconceptions as to Banking Deposits
10. Methods of operating on Banking Accounts
11. Effects of changes in the Rate of Discount
155
156
166
169
171
174
12. On CASH CREDITS
13. Advantage of Cash Credits.
14. Magnitude of Cash Credits in Scotland
15. Application of Cash Credits
16. On ACCOMMODATION BILLS.
17. Explanation of the true danger of Accommodation Bills
This explanation quoted by Mr. Commissioner Holroyd in his
judgment in the case of Laurence, Mortimer, and Schrader
18. Difficulty of dealing Legislatively with Accommodation Bills
19. On the TRANSFORMATION of TEMPORARY CREDIT into PERMA-
NENT CAPITAL
CHAPTER VII.
ON THE FOREIGN EXCHANGES.
1. Meaning of an "EXCHANGE"
177
A Depreciation of the Coinage causes an apparently adverse Ex-
change
3. Nature of an Exchange
4. On FOREIGN EXCHANGE
5. LIMITS of the VARIATIONS of the Exchanges
6. Effects of an Inconvertible Paper Currency on the Foreign Ex-
changes.
7. On EXCHANGE OPERATIONS.
8. On the REAL or COMMERCIAL EXCHANGE
The SEVEN causes which influence the movements of Bullion
Description of Commercial operations
9. On the RATE of DISCOUNT as affecting the Exchanges.
10. On FOREIGN LOANS, SECURITIES, and REMITTANCES as affecting
200
the Exchanges.
201
11. On MONETARY and POLITICAL CONVULSIONS as influencing the Ex-
changes